Exxon business in Russia not disrupted by Ukraine crisis – CEO

Energy giant Exxon Mobil Corp’s drilling operations in Russia, as well as its alliance with Russian oil company Rosneft, have not been affected by the Ukrainian crisis or sanctions levied against Russia by the United States, according to Exxon’s CEO.

"We're extremely
proud of what we've been able to accomplish in Russia,"
Exxon Chief Executive Officer Rex Tillerson said at the company’s
annual shareholder meeting. "They've been very good partners
for us."

He said Exxon “generally” does not support the sanctions
against Russian individuals, including Rosneft head Igor Sechin.
Rosneft itself was not named in the sanctions, imposed by the US
in retaliation for the action Russia took upon the collapse of
the Ukrainian government in recent months.

Tillerson said Exxon has made its views of the sanctions known to
the US government.

"We're having conversations such that our views are being
heard at the highest levels," Tillerson told reporters at
the meeting.

The Exxon CEO said the sanctions have not disrupted his company’s
relationship with Rosneft, as representatives of Exxon have even
met with Sechin in Russia and Europe since the conflict in
Ukraine broke out.

While some Western oil companies have recently left Russia amid a
difficult business climate, Exxon, Chevron Corp, and British
company BP have thrived through deep connections in Russia. Exxon
has had a presence in Russia for over 20 years, Tillerson said.

Exxon’s net holdings in Sakhalin, a Russian island in the North
Pacific, came to 85,000 offshore acres by the end of 2013,
according to Reuters. Last week, Exxon and Rosneft agreed to
continue work on the Far East LNG (liquefied natural gas)
project, fed from the companies’ wells on Sakhalin.

In addition, its net holdings in Rosneft joint-venture agreements
for the Kara and Black seas were 11.3 million acres.

The two companies have also worked together to develop oil
reserves in western Siberia.